Oil prices falling

World oil prices are falling on Thursday due to a possible increase in supplies from Iran in the event of nuclear agreements’ renewal, according to trading data.

Report informs citing Prime, as of 9I21 (Baku timeı GMT +4) the price of August futures of the North Sea Brent oil mixture decreased by 0.58%, to $68.33, July futures - by 0.6%, to $ 68.46 per barrel; July futures of WTI fell 0.54% to $65.85 per barrel.

Investors are closely following the progress of negotiations between Iran and other countries on the renewal of the nuclear agreement and awaiting details on the timing of the supply of additional oil in this case.

“The market is still unsure how the Iran issue will play out,” said Daniel Hynes, senior commodities strategist at Australia and New Zealand Banking Group Ltd. “The outlook remains positive, with easing restrictions likely to boost travel. However, the exact timing of any additional Iranian oil could make a big difference.”

The oil price could have decreased to a greater extent, but on the eve of the US Energy Department reported that commercial oil reserves in the country over the past week fell by 1.7 million barrels - to 484.3 million. However, analysts had expected a decrease of only 1.05 million barrels.